Craven Cottage Co wants to raise $2.7 million by issuing 25-year, $1,000 face value zero-coupon bonds. The current market yield for similar bonds is 6.5%. Ignoring floatation costs, how many bonds will Craven Cottage need to issue to raise the required funds?

a. 2,700

b. 8,652

c.11,096

d. 13,035

e. 14,563